By noon, shares had added 11.2% to $5.06.
In a statement, the company announced it has rescheduled its fourth-quarter earnings to after the bell Tuesday, March 11 from March 4, with a conference call the following day. It said it has delayed the release due to "positive developments around improved financial flexibility."
The Houston-based oiler said it is pursuing a number of options to streamline its portfolio, including sales of assets, joint ventures, and other possible farm-out arrangements.
The company is also seeking to modify its debt structure and is being advised by its bank to facilitate such actions.
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TheStreet Ratings team rates MIDSTATES PETROLEUM CO INC as a Sell with a ratings score of D. The team has this to say about their recommendation:
"We rate MIDSTATES PETROLEUM CO INC (MPO) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, generally disappointing historical performance in the stock itself and unimpressive growth in net income."